Taxation (Deficit Reduction) Act (No. 2) 1993 (55 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 2   Amendments to allow deductions to registered organisations for expenditure incurred in gaining the investment component of certain premiums

9   Interpretation

Section 116E of the Principal Act is amended by inserting the following definitions in subsection (1):

"'investment component', in relation to a premium received in respect of a life assurance policy, means so much of the premium as does not consist of a risk component;

'risk component', in relation to a premium received in respect of a life assurance policy, means the risk component (if any) of the premium worked out on the basis specified in the regulations;".